Prime Minister Shehbaz Sharif termed on Thursday worth $20 billion Country Partnership Framework (CPF) of the World Bank as a “landmark initiative” forged through decade-long strategic cooperation to boost employment opportunities, IT-led initiatives and climate resilience ensuring economic stability.

He was addressing the launching ceremony of the CPF. The collaboration is expected to address Pakistan’s pressing economic and developmental challenges.

PM Shehbaz underscored that the WB had supported Pakistan through various pivotal projects, ranging from hydropower and water management to transformative economic reforms.

He expressed gratitude to the WB team for their leadership in shaping the framework, describing it as a “timely intervention” to overcome Pakistan’s immense challenges.

The prime minister highlighted the progress in digitising the Federal Board of Revenue, introducing a pilot project at Karachi Port to reduce collusion between importers and customs officials. The initiative, which features faceless interactions, aims to increase inland revenue while curbing corruption, he added.

“These funds will be channeled into social protection projects for Pakistan’s most vulnerable populations,” he added.

PM Shehbaz assured the government’s “all-out commitment” to implementing the CPF, urging unity among politicians, experts and bureaucrats to achieve the framework’s ambitious targets.

“The (World Bank’s) vice president’s presence here demonstrates the World Bank’s confidence in Pakistan’s evolving system, which is taking bold, overdue steps toward vibrancy and functionality,” he said.

World Bank Vice President for South Asia Region Martin Raiser praised Pakistan’s recent economic reforms and reiterated the institution’s commitment to the partnership.

“The CPF will anchor the economic stability needed for Pakistan and the region,” he said and commended the prime minister’s leadership and urging continued collaboration to ensure the programme’s success.